Molex inventory issue prompts charge; acting CFO named

RobertDaniel

NEW YORK (CBS.MW) -- Molex Inc.,
molx
a Lisle, Ill., producer of electronic parts, said it took a charge of $5.8 million, or 3 cents a share, to reflect "the omission of certain intercompany inventory in its calculation of profit-in-inventory elimination for prior periods." The charge was reflected in the company's financial results for the first quarter ended Sept. 30, reported in a news release Oct. 20. Molex said it filed a notice of late filing with the Securities and Exchange Commission for its Form 10-Q for the period, providing it with an extension until Nov. 15. Molex also said the board reassigned the company's chief financial officer and named Robert Mahoney as acting CFO. Mahoney currently is Molex's executive vice president; he is also a former CFO for the company. Molex shares fell 27 cents, or 0.9 percent, to $30.16 Wednesday.

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